Transocean (NYSE:RIG) Given New $5.50 Price Target at TD Cowen

Transocean (NYSE:RIG) had its price target decreased by TD Cowen from $6.50 to $5.50 in a research note issued to investors on Wednesday morning,Benzinga reports. TD Cowen currently has a hold rating on the offshore drilling services provider’s stock.

A number of other research analysts have also weighed in on the stock. Barclays raised shares of Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price target on the stock in a research report on Wednesday, December 18th. JPMorgan Chase & Co. upgraded Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 target price on the stock in a research note on Friday, December 6th. Susquehanna decreased their price target on Transocean from $7.00 to $6.50 and set a “positive” rating for the company in a research report on Friday, November 1st. Benchmark reiterated a “hold” rating on shares of Transocean in a report on Tuesday, December 3rd. Finally, StockNews.com raised Transocean to a “sell” rating in a research report on Tuesday, November 12th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Transocean has a consensus rating of “Hold” and an average target price of $6.17.

Transocean Trading Down 4.1 %

Shares of Transocean stock opened at $3.99 on Wednesday. The company has a current ratio of 1.64, a quick ratio of 1.34 and a debt-to-equity ratio of 0.64. The stock has a fifty day simple moving average of $4.08 and a 200 day simple moving average of $4.54. Transocean has a 12-month low of $3.40 and a 12-month high of $6.88. The company has a market capitalization of $3.49 billion, a P/E ratio of -5.32 and a beta of 2.73.

Insider Buying and Selling at Transocean

In other news, EVP Roderick James Mackenzie sold 20,000 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $4.29, for a total transaction of $85,800.00. Following the sale, the executive vice president now directly owns 310,857 shares in the company, valued at $1,333,576.53. This represents a 6.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 12.54% of the company’s stock.

Institutional Trading of Transocean

A number of hedge funds and other institutional investors have recently bought and sold shares of RIG. Northwestern Mutual Wealth Management Co. grew its position in shares of Transocean by 138.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,633 shares of the offshore drilling services provider’s stock valued at $25,000 after purchasing an additional 2,693 shares in the last quarter. Orion Portfolio Solutions LLC purchased a new position in Transocean during the third quarter worth about $46,000. Atria Investments Inc bought a new position in Transocean in the 3rd quarter worth about $51,000. Kovitz Investment Group Partners LLC raised its holdings in shares of Transocean by 34.0% in the 3rd quarter. Kovitz Investment Group Partners LLC now owns 15,877 shares of the offshore drilling services provider’s stock valued at $62,000 after acquiring an additional 4,027 shares in the last quarter. Finally, Abel Hall LLC bought a new stake in shares of Transocean during the 3rd quarter valued at about $65,000. Institutional investors own 67.73% of the company’s stock.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.